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February 12, 2013
11:51 EDTVAL, PPGPaint maker Valspar retreats after results miss expectations
Coatings and paint manufacturer Valspar (VAL) is sinking after the company reported lower than expected first quarter earnings per share, or EPS, and lower than expected first quarter revenue. The company explained that international markets were weaker than it had anticipated. Specifically, Valspar said its business in China, Australia, and parts of Europe were weaker than expected. Moreover, Valspar anticipates that its overseas markets will continue to be weak. As a result, it lowered its fiscal 2013 EPS guidance to $3.60-$3.80, from its previous guidance of $3.65-$3.85. Analysts' consensus estimate was $3.79. On a positive note, Valspar reported that its U.S. consumer paints business, boosted by the U.S. housing recovery, generated revenue growth in the mid single percentage digits. Meanwhile, the revenue from Valspar's North American wood business rose in the high single percentage digits. Nevertheless, in late morning trading, Valspar tumbled 7.50%, to $61.92. PPG Industries, which also manufactures coatings, dropped 2.6% to $135.
News For VAL;PPG From The Last 14 Days
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March 26, 2015
07:11 EDTVALGabelli to hold a conference
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March 19, 2015
09:04 EDTPPGPPG Industries completes $40M expansion at Brazil facility
PPG Industries held a ceremony to mark the completion of a $40M, 65,000-square-foot plant for on-site resin production at its Sumaré, São Paulo, Brazil, coatings manufacturing facility. Resin produced at the facility will be used to manufacture PPG’s electrocoat products to meet demand from automotive original equipment manufacturers and industrial coatings customers in the region.

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